Ben Bernanke: 4 to 5 Years Before Normalized Employment!
You saw the convoluted data from the Labor Department this morning with reports that unemployment magically went down to 9.4% and with 103,000 added to the non-Farm Payrolls. This morning brought on additional data from Ben Bernanke as he testified…
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Bernanke noted that the recovery is expected to be stronger in 2011 than in 2010. Here is the depressing quote:
- “most participants expected the unemployment rate to be close to 8 percent two years from now. At this rate of improvement, it could take four to five more years for the job market to normalize fully.”
As far as the rest, you probably know it. Here is the transcript of Bernanke’s prepared remarks.
Fun times! Real fun…
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.